GOLD SET UP - 30M CHART - MULTIPLE STRATEGIES

Updated

Hey Traders, for now I'm looking at how the Gold price can potentially move in the short-term(1-2 days). We can see price pushed higher Tuesday 29th Aug. at 13:00(NY Open) from $1914 to $1949(30th Aug./15:00). For the rest of that week Gold went into consolidation mode(i.e. "big boys" taking our money:). A higher high($1953) made on Friday 1st Sept. was short-lived as price plummeted. What happened? Liquidity swept on both sides.
Trade the extremes and stay out of trouble.
THIS SET UP
Price is boxed in between $1953.35/$1934.65
Liquidity below and Supply above.
BUYS: Wait for LS below and bullish conformation(06:00/08:00) targeting higher Supply area($1946/$1950).
SELLS: From Supply area targeting lower Demand at $1914/$1917.
SELLS: Break and retest of lower boxed price/liquidity area targeting $1914/$1917.
POTENTIAL BUYS: Demand $1914/$1917.
There are multiple strategies here for a trade and different things play out depending on the TIMING.
WATCH, 07:00/08:00, 12:00/13:00, 15:00.
Will be publishing a higher time frame perspective as well.
Any thoughts welcome.
DIONNG

Note

Hey Traders, here's a simple way to look at this. Price is boxed in between $1953.35/$1934.65. Currently, price is somewhere in the middle of this range. These are the possibilities.
1. Price hits Supply/Resistance area and sells off to low of boxed area.
2. Price breaks out higher and heads to the $1970 Supply above
3. Price breaks out lower and heads to the $1915 Demand below
4. Liquidity sweep below the low of the boxed area($3-$5) and test of highs again.
Be fluent, like water, adapt, survive, thrive.
DIONNG

Note

Hey Traders, BOS, BREAKOUT suggests we are heading to lower DEMAND($1915). However, the market may have other ideas before heading there. Multiple plays here.
DIONNG

Note

Traders, Gold has retreated to the lower Demand area($1915/$1917). Support is at $1903.65. If price breaks below boxed area, we could be testing the lower support area. Watch for a COS/COT for BUYS as we are in selling mode. Price is boxed in between $1914/$1922. Trade accordingly.
DIONNG

Note

Traders, Gold looking bearish. Head and Shoulder pattern. Support broken. Looking for sells. Caution with buys.
DIONNG

Note

Traders, Gold is looking bearish. It looks like heading into the $1885 price range. We are pre-London open at the moment. We may get a sweep of liquidity both sides before selling off. Caution with buys as we are still down trending.

Note

Traders, since this publication Gold has been selling off. There was a bounce off the lower DEMAND level(1905-1912)) with price sitting at 1910. BUY opportunities up to 1930(Resistance) as GOLD looks bearish - CAUTION WITH THE BUYS. 1885 looks achievable.
DIONNG

DIONNG

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